1 888 and Bwin Shares Soar as United States Betting Rivals Closed
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888 and Bwin shares skyrocket as US wagering competitors closed

18 April 2011
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Shares in London-listed online betting companies rose after some big poker sites in the US were shut for alleged illegal activity.
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At the close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would improve their operations.
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On Friday, 11 individuals linked to 3 major poker websites were charged with offenses, consisting of fraud.

The US probe involves three sites: Full Tilt, PokerStars, and Absolute Poker.

Federal US authorities implicated the 3 online poker websites of controling banks to process billion of dollars in prohibited earnings.

According to Execution Noble analyst Geetanjali Sharma: "The closure of the primary competitors' operations and the US legal procedures initiated against them ought to benefit European listed operators."

Playtech, another video gaming site, likewise saw its shares jump 11%.
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'Criminal scams plan'

Prosecutors in New City on Friday stated they had issued limiting orders versus more than 75 checking account in 14 nations utilized by the poker business.

US Attorney Preet Bharara stated the websites "created a sophisticated criminal scams plan, alternately fooling some US banks and effectively paying off others to assure the ongoing circulation of billions in unlawful betting revenues".

The indictment stated the three betting sites did not adhere to the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.

The law makes it prohibited for betting businesses to accept most kinds of payment from individuals included in illegal internet betting.

The indictment sought $3bn (₤ 1.8 bn) in money laundering penalties and loss from the websites.
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The authorities said Absolute Poker had said soon after the law was enacted that the US Congress had no control over the company's payment deals.
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PokerStars published a declaration to its players on Saturday, saying it needed to suspend genuine money play for customers based in the US.

"Please be guaranteed gamer balances are safe. There is no cause for issue," the business stated.

"For all customers outside the US, it is company as usual."

A message posted on the PokerStars.com site by the FBI stated the company had seized the domain name in connection with the investigation.
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